Even if Bitcoin had a rise over the weekend, there are still several resistance levels to overcome and significant market risk, therefore the market remains negative. Despite the dollar’s decline, its value increased, but overall market attitude is still cautious.
A significant technical barrier, the 26-day EMA, was recently challenged by Bitcoin. This level is showing to be a really strong obstacle, and it’s possible that Bitcoin won’t be able to pass it. Bitcoin may retest the $58,000 mark, which has shown to be a reliable support level in recent months, if current resistance holds. In addition, this crucial price range is supported by the 100-day EMA, which is hovering around $60,000.
https://x.com/Negentropic_/status/1787776838053298191
The volume exhibits a little neutral trend with a tiny downward trend, but not enough strength to indicate an impending positive reversal. This is consistent with the general tone of the market, which is reflected in a number of risk indicators that still suggest extreme caution.
It has also been noted that long holdings are being liquidated, which slows the movement on perpetual markets. Traders and fans of Bitcoin are keeping a careful eye on whether the cryptocurrency can break above the $65,000 barrier level as current consolidation period continues. A move like this can revive market sentiment and lead the price to $70,000.
The overall storyline is still pessimistic, though. The fact that Bitcoin hasn’t been able to overcome important moving averages (EMAs) like the 26 and 50, together with the fact that market indicators are still indicating high risk, point to the bears’ present advantage. We are now keeping an eye on whether Bitcoin can continue to remain over $60,000 or whether more sell-offs would cause it to give up, confirming the negative trend.
